Labor Day is coming up — and it’s going to be expensive.
For the last ten years or so, my family has spent Labor Day weekend in the mountains of northwest Connecticut.
Every year, we grill New York Strip Steaks that we buy from a local farm. For years, we paid $20 per pound. But then the price went to $25… then $30… and this year, it’s $35 per pound.
What’s the problem here? Inflation.
The thing is, you’re probably facing similar increases yourself, and it’s showing up in everything from food to travel.
So today, I’ll start showing you how to deal with this problem…
Before it ruins your Labor Day, your savings account — and maybe even your retirement.
Prices Are Skyrocketing
You’ve probably seen the headlines…
America has an inflation problem.
Last summer, year-over-year CPI inflation hit 9.1%. That was the highest rate in forty years.
But it’s not just the price of steaks that’s been skyrocketing.
For example, according to a Forbes report, poultry, fish, and eggs were up 12.5%, and furniture and bedding were up 13.8%.
Is this normal?
The Secret Retirement-Killer
Historically speaking, prices go up by about 2% to 3% per year.
For example, you can probably remember when going to the movies cost about $5. But today in New York City, a ticket will set you back nearly $20.
As you probably know, this phenomenon is called inflation. But what almost no one talks about is this:
Inflation is the secret retirement-killer.
You see, even with a “low” inflation rate of just 2% to 3%, prices double every couple of decades.
That means your money will only buy half as much as it used to…
And your retirement funds will last just half as long as you’d planned.
A 75% Hit to Your Portfolio
But here’s what’s so scary:
Despite the Fed’s best efforts, inflation keeps skyrocketing.
For example, as CNBC recently reported, the Fed is “wrestling with inflation that has been more aggressive and persistent than they had anticipated.”
And as Forbes reported, “When [inflation] will start to subside is still unknown.”
This is a dark omen of what’s to come. With 5% or 6% inflation, instead of doubling every 20 years, the cost of basic goods and services will increase by about 4x.
That means you could be paying 4x more for everything, from your rent to your groceries to your travel.
In other words, your retirement nest-egg will be worth just 25% what you thought it would be worth!
A Way Out of this Mess
This is terrifying.
Imagine that you finally retire, you’re finally able to spend time with your friends, family, and loved ones....
And then, when you turn 65 or 70 or 75, you’re forced to go back to work.
But as Wayne will show you later this week, there’s a way out of this mess…
It’s a way to protect yourself against inflation, and a way to potentially save your retirement.
So stay tuned. Wayne will reveal more this week…